And they’ve gone from around 15% in 2020 to today’s average around 27%, a big part of that increase is the Fed raising their rate.
Uhh…no
I feel like a broken record.
Do you read what you link?
“Our analysis shows that much of the increase in aggregate profit margins following the COVID-19 pandemic can be attributed to (i) the unprecedented large and direct government intervention to support U.S. small and medium sized businesses and (ii) a large reduction in net interest expenses due to accommodative monetary policy”
It is the Federal governments fault.
By golly you are right. In January 2023 my interest rate (that I never paid) was 12% The Fed raised interest rates in 2023 and by December, the rate shot up to 13%
Thanks Captain Obvious!!!
Lol …I said the Fed has a lot to do with credit card interest rates, you said “Uhh…no”, I posted a link showing that the Fed raising the does indeed increase credit card interest rates and you call me Captain Obvious. Lol
You are one person, the average is 27%.
You posted a link that shows that CC interest rates have been outpacing the Feds.
See my thumb?
Boy you’re dumb!
AND rates are up ALSO because the Fed, it’s not either or.
Sigh!!!
Do you even realize you are the other side of the coin as Sarge?
You: CC interest rates are up 10%!! Must be because the Feds raised the rate by 1%!!
Sarge: Corporate profits are out of control! Was caused by Government intervention, but we have to blame the corporations!!!
I would imagine that thre are several USAA cardholders in a similar situation
This is actually relatable and an indicator that a recession may be on the horizon.
what would really be interesting is a study between delinquencies today compared to credit card useage over time. I mean…I put groceries on my credit card but pay it off at the end of the month. I wonder how many people carry a balance…because people DO carry balances with some petty shit on it…dinners, gas…groceries.
I seem to recall in the 70’s that gas companies had their own cards but those cards had to be paid in full at the end of the month
I put everything on my CC while in Mexico so I could dispute anything if I need to.
A lot of people are carrying a balance because the cost of living is higher and they can’t make it to the next paycheck without their credit card. I know Kansas has heen immune from inflation over the last few years but the rest of the country hasn’t been so lucky.
I remember as a very young boy my grandmother telling me. “We pay for it when we get it or we do without it.”
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The real answer is the democrats will blame the republicans. Even though it happened because of their actions
That also used to be the case with AMEX. Not sure when they went to what we now know as a credit card. We use our Amex for groceries because it has a 3% rebate on groceries.